Middleton’s Need for Market Research
Middleton’s Need for Market Research
Start-ups require critical analysis before starting them. They need a thorough understanding of the industry they are going to compete to ensure their survival. When starting a business, it is prudent for the one who is involved in gathering much information that will lead to its success. All the players in the industry ranging from the small businesses to well-established corporations should analyze before embarking in the business. Their mode of business should be examined to ensure that the one who is beginning in the industry understands well what is going to face.
The strengths and weaknesses of the competitors should be clear in ensuring that the new business will capitalize on them in making its venture a success (Scot, 2010, pg. 50). On the other hand, the founders of any startup should understand the strengths of the competitors should in ensuring that the business is up to the task to compete with them. The products and processes that various players use in the industry should be well understood as this make it possible for the business start-ups to know areas that they should improve and which areas are best for them in ensuring its operations are superior to those of the competitors. Market research is the most important tool that will ensure that the business gets the required information. Collect information about the industry will lead to the success of the firm.
In the case of Middleton and the establishment of PANELPro, there is so many analysis that has done about the industry. The founder of PANELpro seems to understand well the industry in which the business is going to play. He knows major players in the region that he intends to establish the business giving him an upper hand when running the firm. From the proposal in the case study, the business based on the B2B method of running a business making it necessary to understand the consumers well, and the weakness of those who are players in that industry. He tried to look into the impact of each player in the sector and how it will be affecting his start up. However, Middleton has an upper hand as he has long experience in this industry, he understands the sources of the products and services that most industries in this sector acquire their supplies. He has been able to establish the strength and weaknesses of each department that in charge of the section that will affect it directly and this has made it possible for him to see the road map and the gap that exists in the market.
Though the experience in the industry and the internet research that has been done by Middleton give him a good base to start his business, it is prudent that he seeks a market research by experts so that they may explain further what he can be able to do and the status of the industry. The fact that he has given himself the budget that he is going to use conducting this research gives him a limit of the quality of investigation and the results obtained at the end. When using a professional consultant, one is able getting results that are straightforward and accurate.
Professional advice received through the recommendations given to you. Middleton needs this, but due to a budget limit, it is hard that he is going to get quality results to assist him to get things done right. He should think of trying to come up with a method of raising an additional budget that will enable him to have more information to make him succeed in his business. However, with the fact that he has a lot of information about the industry and he has fast experience about the industry, the idea of using students in his research may be one of the best. Students at a point if motivated will be aggressive and they will have been searching information from a wide range of sources. Using a wide variety of information sources is going to ensure credible results obtained (Gaskin, 2003, pg. 7).
With the fact that Middleton has the required experience in the industry, students can make a good option for him. They are going to go out and get information from various sources this makes Middleton have the information that he required to make further decisions about his startup. With the limited budget, he is going to entice students to go to the extent of getting information from areas that he could not have reached in person also the professional expert could have overlooked due to a limited budget. Market research requires a deep understanding of any given industry.
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